The Petroleum Products Price Regulatory Agency, PPPRA, has denied reports speculating an imminent petrol scarcity over Federal Government’s inability to pay fuel marketers’ N660 billion debt.
In a statement released in Abuja by the PPPRA spokesman, Mr Lanre Oladele, the agency said the report was misleading and “a gross misrepresentation of facts”.
”There were reports that fuel queues may soon return following the Federal Government’s inability to settle marketers’ N660billion debt and non-availability of foreign exchange to fund fuel imports.
”PPPRA wishes to state unequivocally, that these stories are gross misrepresentation of available facts at our disposal, hence misleading.
”For the avoidance of doubts, the National Petroleum Products Stock data and import plan, currently indicate that the country has two months Premium Motor Spirit (petrol) sufficiency.
”Hence, we want to assure motorists and commuters alike, that the products supply situation is robust and able to cater for the fuel needs of all Nigerians, pending when ongoing challenges are addressed.
”As a corollary to the above, PPPRA also wants to inform that contrary to a widely-held belief on the status of kerosene, the product is fully deregulated.
”We hereby appeal to all Nigerians to remain calm and desist from any form of panic-buying, as we assure of our total commitment to adequate products supply and distribution across the country, in line with our mandate,” Oladele said.
He appealed to all depot owners to adhere strictly to the subsisting truck-out principle in order to ensure that products get to retail outlets across the country in a seamless manner.
”The Agency shall not hesitate to apply appropriate sanctions where necessary,” he warned.
The NNPC had on Wednesday also assured Nigerians that there was no fuel scarcity to warrant panic buying by motorists. The corporation also denied plans to increase petrol price of N145.
In a statement released in Abuja by the Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, the Corporation further assured motorists that there was enough supply in stock.
”The Corporation has 1.3 billion litres stock of PMS, otherwise called petrol, which is sufficient to serve the nation for more than 38 days.
”This plea comes on the heels of reports that some motorists have begun panic buying of petrol, following rumours that the government is about to increase the pump price of the white product from N145 per litre.
”NNPC wishes to assure Nigerians that there is no iota of truth in the rumour that government is scheduled to adjust pump price of petrol.
”Indeed, with the resumption of production by the Corporation’s three refineries in Kaduna, Port Harcourt and Warri, complemented by imports, there is enough stock of petrol, diesel and kerosene,” Ughamadu said.
